Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
The median infrastructure fund from the 2010 to 2021 vintages has returned a 9.40% net IRR, according to Dakota Private Markets Peer Groups as of Q2 2026. Getting into the top quartile takes 12.92%. The bigger story is cash: the median fund has returned less than half of its paid-in capital so far.
Infrastructure returns sit in a fairly tight band, but distributions vary widely by vintage. This post lays out the benchmarks infrastructure managers are measured against, how they shift by vintage, and what that means for managers raising capital.
The Data
The figures come from Dakota Private Markets infrastructure Peer Groups, vintages 2010 through 2021, as of Q2 2026.
The Benchmarks: What Top Quartile Takes
|
Metric
|
3rd Quartile
|
Median
|
1st Quartile
|
|
Net IRR
|
6.70%
|
9.40%
|
12.92%
|
|
TVPI
|
1.20x
|
1.33x
|
1.60x
|
|
DPI
|
0.16x
|
0.40x
|
0.90x
|
Source: Dakota Private Markets, infrastructure peer groups, vintages 2010 to 2021, as of Q2 2026.
The median fund has returned 0.40x its paid-in capital in cash, and even a top-quartile fund has not yet returned all of it. For a manager in market, those two lines are the ones allocators will hold a track record against.
Benchmarks by Vintage
|
Vintage Cohort
|
Median Net IRR
|
Median TVPI
|
Median DPI
|
|
2010 to 2013
|
9.80%
|
1.34x
|
1.27x*
|
|
2014 to 2017
|
11.20%
|
1.46x
|
0.60x
|
|
2018 to 2021
|
8.88%
|
1.30x
|
0.18x
|
Source: Dakota Private Markets, infrastructure peer groups, as of Q2 2026. *Based on fewer than 10 funds.
IRR and TVPI stay in a narrow range across all three cohorts, with the 2014 to 2017 funds slightly ahead. DPI is where the vintages split. The oldest funds have returned their capital and more, while the median 2014 to 2017 fund, now nine to twelve years in, has returned only about 60% of it in cash. A fund should be judged against its vintage peers, not the whole market.
Cash Comes Back Slowly
Infrastructure funds return cash more slowly than private credit funds in Dakota's data. The median 2014 to 2017 infrastructure fund has returned 0.60x in cash, against roughly 1.0x for private credit funds of the same vintages. For allocators, that makes the pace of distributions as important as the headline return.
What This Means for Infrastructure Managers Raising Capital
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Know your quartile before allocators do. Benchmark each fund against its vintage peers, not the whole market.
-
Lead with DPI if you have it. The median fund has returned 0.40x in cash. A track record with distributions above that line stands out in this asset class.
-
Explain your path to liquidity. With cash coming back slowly across the market, show allocators how and when your funds expect to return capital.
-
Show the multiple beside the IRR. An IRR without a TVPI and DPI leaves allocators guessing how much value has actually been realized.
See Fund-Level Performance in Dakota Private Markets
Dakota Private Markets shows fund-level net IRR, TVPI, DPI and quartile rank by vintage, so you can see exactly where your funds and your peers' funds stand.
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